Monthly chart
GBP/USD Forecast- It is still impossible to know the direction of the price while it is congregating into a symmetric triangle marked with black broken lines and moving sideways to the length of the Bollinger’s moving average which shows the ranging period. Breaking the lower lip of the triangle together with the 1.5200 price level will probably lead the price towards the closest support on the 1.4200 price level. On the other hand, breaching the upper lip of the triangle will probably lead the price to check again the 1.6830 price level which is a 50% Fibonacci correction level of the downtrend marked with red broken line.
You can see the chart below:
GBP-USD
Weekly chart
Last review
GBP/USD Forecast- After two weeks of checking of the 1.5985 Fibonacci level, which is a 38.2% correction of the uptrend started from the 1.5270 price level and marked with black broken line, the current candle is colored in green, while breaking the 1.6300 price level will lead the price north towards the next resistance on the 1.6550 price level. On the other hand, breaking the 1.5985 price level in a proven way will probably lead the price towards the next support on the 1.5778 price level, while this level is also used as a 61.8% Fibonacci correction of the mentioned uptrend.
Current review for today
GBP/USD Forecast- The price continues its movement sideways while it is checking whether the 1.5985 price level can change its role from a resistance to support, but in addition the price cannot breach the descending trend line between the peaks (red broken line). Breaching the 1.6300 price level will probably lead the price north towards the next resistance on the 1.6550 price level. On the other hand, breaking the 1.5985 price level in a proven way will probably lead the price towards the next support on the 1.5778 price level, while this level is also used as a 61.8% correction level of the mentioned uptrend.
You can see the chart below:
Daily chart
Last review
GBP/USD Forecast- The price has stopped on the 1.5966 Fibonacci level for the second time, climbing towards the descending trend line between the peaks (red broken line) and looks like stopping again on this line. Breaking of the 1.5966 price level will probably lead the price towards its first target on the 1.5900 price level which is a 50% correction of the large uptrend (black broken line) and its breaking will lead the price towards the next Fibonacci on the 1.5800 price level. On the other hand, stoppage of the price at the current area and breaching the 1.6178 price level will create an ascending price structure with a target probably on the last peak, the 1.6300 price level.
Current review for today
GBP/USD Forecast- The price could not breach the 1.6178 price level while the last candle is a “red Marabuzu” (reversal candle) which together with the previous two candles is creating a candlestick pattern named “Evening star”, that under that resistance level creates a significant possibility to create a downtrend while breaking the 1.5966 price level will probably lead the price at first stage towards the next Fibonacci on the 1.5900 price level and breaking this level will lead the price towards the 1.5800 next Fibonacci level. On the other hand, only stoppage of the price at the current area and breaching the 1.6178 price level will cancel this assumption and lead the price towards the last peak on the 1.6300 price level at first stage.
You can see the chart below:
